The Real Estate Office Market in the City of Buenos Aires is experiencing a significant transformation promoted by sustainability.
According to the “Green Building Market Brief 2024” report, developed by AGBC (Argentina Green Building Council), the certified buildings under the LEED system represent 37% of the total area of class A and+offices, and offer clear competitive advantages over their non -sustainable peers.
LEED buildings have an average rental price of 24 USD/m², 8.55% higher than that of traditional class A and+ buildings. In addition, they register one average vacancy of 14%, 1.78% lower than the rest of the market. This combination of greater income and lower unemployment makes them highly attractive assets.
49% of certified buildings are concentrated in the central area of the city (Microcentro, Macrocentro, July 9, Puerto Madero and Catalinas), while 31% are located in the Northern Corridor (Libertador, Palermo, Polo Saavedra/Dot).
The areas with better economic performance for this type of buildings are Pole Saavedra/Dot, Palermo and Libertador CABA, where high income is combined (even 28 USD/m²) with minimal vacancies (average of 6%). These locations concentrate much of the future surface in the process of certification, which anticipates a sustained valuation of the asset.
In total, Leed buildings represent 37% of the profitable surface of the premium market, almost half corresponds to the central area of the city.
Since 2011, the amount of Leed buildings has grown in a sustained way, although the pandemic slowed the certifications rhythm. Even so, future growth is projected with more than 190,000 m² in the process of certification, especially in areas such as Libertador and Palermo.
Certified buildings not only reduce operational costs and maintenance, but also improve air quality, comfort and employee productivity. Studies cited in the report indicate that a healthy environment can increase the work performance between 8% and 14%.
The report warns about a growing phenomenon: the competitive obsolescence of traditional buildings. Many class A and+ properties were built in the 90s and do not adapt to the new market demands.
Only 15% of the surveyed buildings have LEED ™ certification for existing buildings (EBOM), which represents only 5% of the total premium offices.
The lack of modernization not only implies greater maintenance costs, but also greater vacancy and minor rates Ability to retain tenants demanding
In a market where companies prioritize the well -being of their employees and operational efficiency, buildings that do not adapt are at risk of being out of the game.
1) Libertador Business Center (CABA)-79.207 m²-LEED-CORE AND SHELL-Score: 77.52
2) BBVA French Tower (Catalinas)-65,393 m²-Leed-Core and Shell-Score: 75,13
3) Catalinas Torre (Retirement)-44.002 m²-Leed-Core and Shell-Score: 68.00
4) Belgrano Office (South Zone)-8,589 m²-LEED-CORE AND SHELL-Score: 65,29
5) Zetta building (Polo Saavedra/Dot) – 36.979 m² – LEED-Core and Shell – Puntaje: 64,75